Daily Pivots: (S1) 0.6200; (P) 0.6228; (R1) 0.6251; More...
Intraday bias in AUD/USD remain son the downside with 0.6254 minor resistance intact. Corrective rebound from 0.6087 should have completed at 0.6407, ahead of 38.2% retracement of 0.6941 to 0.6087 at 0.6413. Deeper fall should be seen for retesting 0.6087 low. Firm break there will resume whole decline from 0.6941. On the upside, above 0.6254 minor resistance will turn bias to the upside for stronger recovery.
In the bigger picture, fall from 0.6941 (2024 high) is seen as part of the down trend from 0.8006 (2021 high). Next medium term target is 61.8% projection of 0.8006 to 0.6169 from 0.6941 at 0.5806. In any case, outlook will stay bearish as long as 55 W EMA (now at 0.6494) holds.
